New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Equity real estate investment trusts (reits) / Thematic (Sector/Industry)

<ul><li>The listed property sector finished 2025 up +13%, outperforming the broader NZ market by c.10%.</li><li>The sector is now trading on a -14% discount to net tangible assets (NTA), a gross yield of 7.5% or +300bp spread to long bond rates, and an AFFO multiple of 19x.</li><li>The listed property sector fell -1% in December, underperforming the broader market which was up +0.4%.</li></ul>

The listed property sector finished 2025 up +13%, outperforming the broader NZ market by c.10%.The sector is now trading on a -14% discount to net tangible assets (NTA), a gross yield of 7.5% or +300bp spread to long bond rates, and an AFFO multiple of 19x.The listed property sector fell -1% in December, underperforming the broader market which was up +0.4%.

Real Estate Reflections A Strong Year in Property